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Discontinued Operations | 12 Months Ended
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Dec. 31, 2024
Discontinued Operations [Abstract] |
DISCONTINUED OPERATIONS | 21. DISCONTINUED OPERATIONS On June 16, 2023, QR (HK) Limited was dissolved and deregistered. On December 5, 2023, FTFT PARAGUAY S.A. was dissolved. On March 7, 2024, Chain Cloud Mall Network and Technology (Tianjin) Co., Limited was dissolved and deregistered. On September 4, 2024, Tianjin Future Private Equity Fund Management Partnership (Ltd Partnership) was dissolved and deregistered. On October 18, 2024, Nice Talent Asset Management Limited was disposed of for a consideration of USD 0.31 million (HKD 2.40 million). On December 6, 2024, FTFT SuperComputing Inc. was disposed of for a consideration of USD 1.97 million. Loss from discontinued operations for fiscal years 2024 and 2023 was as follows:
|  | December 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Revenue |  | $ | - |  |  | $ | 13,168,348 |
Cost – third party |  |  | - |  |  |  | 8,423,457 |
Cost – related party |  |  | - |  |  |  | 978,801 |
Gross profit |  |  | - |  |  |  | 3,766,090 |
OPERATING EXPENSES: |  |  |  |  |  |  |  |
General and administrative |  |  | - |  |  |  | 4,211,836 |
Research and Development expenses |  |  | - |  |  |  | 2,577 |
Selling expenses |  |  | - |  |  |  | 310,737 |
Bad debt provision |  |  | - |  |  |  | 70,955 |
Total |  |  | - |  |  |  | 4,596,105 |
OTHER INCOME (EXPENSE) |  |  |  |  |  |  |  |
Interest income |  |  | - |  |  |  | 30,655 |
Interest expense |  |  | - |  |  |  |  |
Other expense |  |  | - |  |  |  | (780,899 | )
Total |  |  | - |  |  |  | (750,244 | )
Loss from discontinued operations before income tax |  |  | - |  |  |  | (1,580,259 | )
Income tax provision |  |  | - |  |  |  | 5,281 |
Loss from discontinued operation before noncontrolling interest |  | $ | - |  |  |  | (1,574,978 | )
Gain on disposal of discontinued operations |  |  | 1,054,155 |  |  |  | 386,482 |
Less: Net loss attributable to non-controlling interests |  |  | (190,840 | ) |  |  | (108,046 | )
LOSS FROM DISCONTINUED OPERATION |  | $ | 1,244,995 |  |  | $ | (1,080,450 | )
The major components of assets and liabilities related to discontinued operations are summarized below:
|  | December 31, 2024 |  |  | December 31, 2023 |
Cash and cash equivalents |  | $ | - |  |  | $ | 1,619,413 |
Accounts receivable |  |  | - |  |  |  | 1,296,065 |
Other receivables |  |  | - |  |  |  | 2,459,259 |
Advances to suppliers and other current assets |  |  | - |  |  |  | 399,827 |
Property, plant and equipment, net |  |  | - |  |  |  | 1,767,037 |
Right of use assets - operation lease |  |  | - |  |  |  | 834,076 |
Total assets related to discontinued operations |  | $ | - |  |  | $ | 8,375,677 |
Accounts payable |  | $ | - |  |  | $ | 18,346 |
Accrued expenses and other payables |  |  | - |  |  |  | 881,886 |
Advances from customers |  |  | - |  |  |  | 2,604 |
Amount Due to Related Party |  |  | - |  |  |  | 401,516 |
Lease liability - operation lease |  |  | - |  |  |  | 145,468 |
Lease liability - operation lease non-current |  |  | - |  |  |  | 690,819 |
Total liabilities related to discontinued operations |  | $ | - |  |  | $ | 2,140,639 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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